Dear shareholders,


we hereby present you the results registered by SIF Moldova for H1 2018 and the objectives of the coming period, in agreement with “2018 Activity Program” and the multiannual strategies approved by the General Meetings of Shareholders.

 

Portfolio Structure

The quoted shares portfolio (CORE) holds the main weight of 72.1% of total managed assets value, while the weight of unquoted shares is 9.2%, based on the reorientation of investment policy. We have maintained the financial and energy sectors, 40.4% namely 18.1%, reported to total assets value, as the main structure in the portfolio structure. We have continued the restructuring process for the SELL portfolio, reducing the number of holdings by 8 in comparison to the H1 2017, through full sale, in parallel with the increase of exposure per issuer, especially in the CORE portfolio, with positive effects on the performance of the entire portfolio.


Financial Performance

The net result registered on 30th June 2018 is 72 million lei, comprised of net profit (54 million lei) and net gain from assets sale, reflected in reported result (18 million lei) – in compliance with the accounting approach imposed by the implementation of IFRS 9. The net profit foreseen in the Budget for 2018 has been achieved up to 104%.


Securities investments were of 103 million lei, representing 86% of the 2018 target.

 

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Yours sincerely,
Costel Ceocea
President